I’ve suggested elsewhere in this forum, that the reason there are so many condos still going up, despite the slowdown, is because they were already in the “Oh-crap-can’t-stop-it -now” pipeline.
But there’s another reason. A more encouraging one. Despite what you may have been reading about the market, developers from other states recognize that Florida just isn’t like the rest of the U.S.
Take MCZ/Centrum Development Corp., for example, a Chicago based firm. Even this late in the game, they are planning two more conversions for the Orlando area. Mirabella, located at the far end of International Drive, and The Palms Club, located in, yes, you guessed it, Metrowest.
“What?” I hear you scream. “Are they nuts?” Maybe. But principal Michael Lerner believes that Orlando is still a growth market. “Orlando is a vibrant city and is becoming the business center of Florida,” he said.
You have to believe folks like this know what they’re doing. After all, buying the two complexes cost them over $100 million. Now that’s what I call putting your money where your mouth is.